Perenco Snaps Up Marathon Oil's Gabon Assets

Perenco has strengthened its position in Gabon with the acquisition of Marathon Oil Corporation's wholly owned subsidiary, Marathon Oil Gabon Limited, which holds a 56.25 percent working interest in three offshore production fields; the effective date of the transaction is January 1, 2009 with completion anticipated during the 4th quarter of 2009.

Perenco's acquisition of Marathon's stakes in the Tchatamba Marin, Tchatamba South and Tchatamba West fields will add approximately 15,000 bopd gross production to Perenco's current 50,000 bopd operated production in Gabon. Perenco will now be the operator at these fields, from where production is processed on a single facility at Tchatamba Marin, with processed oil being transported through a pipeline to a non-operated onshore facility.

Located 15 miles offshore and approximately 100 miles southeast of Port Gentil, the Tchatamba Marin Field was discovered in 1995 and began production in early 1998. The Tchatamba South and West fields were discovered in 1997 and came on stream in 1999 and 2000, respectively.

Gabon has been a key area for Perenco for a number of years and the acquisition of Marathon Oil's stake in these important fields further consolidates our position in the country. We look forward to continuing to develop these fields with the current employees and to remaining a committed partner to Gabon.